CIB Consolidated Interim Condensed June Statements

RNS Number : 8814S

Commercial Intnl Bank (Egypt) SAE

14 July 2020

 

 

Commercial International Bank (Egypt) S.A.E.
Condensed Consolidated Interim Financial Statements
June 30, 2020
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Consolidated condensed Interim balance sheet as at June 30, 2020

Notes Jun. 30, 2020 Dec. 31, 2019 EGP Thousands EGP Thousands Assets Cash and balances with central bank 7  31,267,392 28,273,962 Due from  banks 8  56,949,232 28,353,366 Loans and advances to banks, net 10  883,248 625,264 Loans and advances to customers, net 11  120,030,212 119,321,103 Derivative financial instruments  315,916 216,383 Investments - Financial Assets at Fair value through P&L 12  357,304 418,781 - Financial Assets at Fair value through OCI 12  85,100,258 89,897,257 - Amortized cost 12  92,972,929 107,225,613 - Investments in associates 13  99,837 107,693 Other assets  9,009,198 9,748,143 Goodwill 22  243,046 - Deferred tax assets (Liabilities)  457,940 350,339 Property, plant and equipment 14  2,363,886 2,204,464 Total assets  400,050,398 386,742,368 Liabilities and equity Liabilities Due to banks 15  12,277,482 11,810,607 Due to customers 16  320,146,441 304,448,455 Derivative financial instruments  340,652 282,588 Current tax liabilities  2,652,208 4,639,364 Other liabilities  5,450,289 8,396,794 Other loans  3,250,254 3,272,746 Provisions 17  3,069,002 2,011,369 Total liabilities  347,186,328 334,861,923 Equity Issued and paid up capital  14,690,821  14,690,821 Reserves  31,328,841  24,344,815 Reserve for employee stock ownership plan (ESOP)  1,260,111  963,152 Retained earnings *  5,131,049  11,881,657 Total equity  52,410,822  51,880,445 Minority interest 453,248  -  Total minority interest, equity and net profit for the period/year  52,864,070  51,880,445 Total liabilities and equity 400,050,398  386,742,368 The accompanying notes are an integral part of these financial statements. (Review report attached) *Including net profit for the current period Hisham Ezz Al-Arab Chairman and Managing Director

Consolidated condensed Interim income statement for the period ended June 30, 2020 Note Jun. 30, 2020 Jun. 30, 2019 EGP Thousands EGP Thousands Continued Operations Interest and similar income 20,922,642 20,695,803 Interest and similar expense (8,445,315) (10,690,088) Net interest income 12,477,327 10,005,715 Fee and commission income 1,479,217 1,647,254 Fee and commission expense (493,057) (536,140) Net fee and commission income 986,160 1,111,114 Dividend income 25,962 22,454 Net trading income 5 177,231 379,943 Profits (Losses) on financial investments 12 832,005 19,781 Administrative expenses (2,848,020) (2,619,234) Other operating (expenses) income (1,847,212) (662,508) Goodwill amortization (8,381) - Intangible assets amortization - (65,104) Impairment release (charges) for credit losses (2,259,654) (795,124) Bank's share in the profits of associates 6,994 (1,101) Profit before income tax 7,542,412 7,395,936 Income tax expense (2,652,208) (2,058,736) Deferred tax assets (Liabilities) 107,601 17,300 Net profit for the period 4,997,805 5,354,500 Earning per share 6 Basic 3.01 3.23 Diluted 3.00 3.21 Hisham Ezz Al-Arab Chairman and Managing Director Condensed Consolidated Interim statement of other Comprehensive Income for the period ended June 30, 2020 Last 6 Months Last 6 Months Jun. 30, 2020 Jun. 30, 2019 EGP Thousands EGP Thousands Net profit for the period 4,997,805 5,354,500 Net change in fair value of instruments measured at fair value through other comprehensive income (1,483,581) 2,838,861 Cumulative foreign currencies translation differences 1,647 4,182 Expected credit loss for fair value of debt instruments measured at fair value through other comprehensive income 90,512 (109,668) Total other comprehensive income for the period 3,606,383 8,087,875
Condensed Consolidated Interim Cash flows for the period ended June 30, 2020 Notes Jun. 30, 2020 Jun. 30, 2019 EGP Thousands EGP Thousands Cash flow from operating activities Profit before income tax from continued operations 7,542,412 7,395,936 Adjustments to reconcile net profit to net cash provided by operating  activities Fixed assets depreciation 14 383,782 275,052 Impairment charge for credit losses (Loans and advances to customers and banks) 2,144,988 875,635 Other provisions charges 17 1,098,888 3,140 Impairment charge for credit losses (due from banks) 24,154 29,156 Impairment charge for credit losses (financial investments) 90,512 (109,667) Impairment charge for other assets 24,621 52,772 Exchange revaluation differences for financial assets at fair value through OCI (84,884) 886,795 Goodwill amortization 8,381 - Intangible assets amortization - 65,104 Impairment charge financial assets at fair value through OCI - 45,664 Exchange differences in financial investments in subsidiary - 3,020 Utilization of other provisions 17 (1,066) 1,878 Other provisions no longer used 17 (43,200) (126,575) Exchange differences of  other provisions 17 3,011 (69,724) Profits from selling property, plant and equipment (94) (1,439) (Profits) losses from selling financial investments 12 (924,720) (65,445) Released (Impairment) charges of investments in associates and subsidiaries 0 14,100 - Shares based payments 296,959 247,998 Bank's share in the profits of associates (6,994) 1,101 Released (Impairment) charges of FVOCI equity instruments 78,615 - Operating profits before changes in operating assets and liabilities 10,649,465 9,510,401 Net decrease (increase) in assets and  liabilities Due from banks 8 (598,148) (25,049,337) Treasury bills and other governmental notes 280,433 24,315,394 Financial assets at fair value through P&L 12 61,477 2,262,513 Derivative financial instruments (41,469) (75,592) Loans and advances to banks and customers 10 - 11 (3,109,801) (4,776,117) Other assets 907,956 1,289,326 Due to banks 15 466,875 (5,879,606) Due to customers 16 15,697,986 20,265,649 Income tax obligations paid (4,639,364) (3,625,579) Other liabilities (2,946,225) (1,225,572) Net cash provided from operating activities 16,729,185 17,011,480 Cash flow from investing activities Proceeds from Investments in associates. 750 - Proceeds (payments) for investment in subsidiaries. 194,722 - Payment for purchases of property, plant, equipment and branches  constructions (739,117) (840,953) Proceeds from selling property, plant and equipment 94 1,439 Proceeds from redemption of financial assets at amortized cost 59,360,102 33,290,053 Payment for purchases of financial assets at amortized cost (44,945,839) (32,633,462) Payment for purchases of financial assets at fair value through OCI (50,868,698) (11,433,512) Proceeds from selling financial assets at fair value through OCI 55,237,128 5,105,870 Net cash used in investing activities 18,239,142 (6,510,565) Cash flow from financing activities Increase (decrease) in long term loans (22,492) (230,801) Dividend paid (3,370,464) (2,700,544) Net cash used in (provided from) financing activities (3,392,956) (2,931,345) Net increase (decrease) in cash and cash equivalent during the period 31,575,371 7,569,570 Beginning balance of cash and cash equivalent 22,895,017 34,303,645 Cash and cash equivalent at the end of the period 54,470,388 41,873,215 Cash and cash equivalent comprise: Cash and balances with central bank 7 31,267,392 24,993,377 Due from banks 8 56,990,499 66,543,158 Treasury bills and other governmental notes 9 27,586,282 25,344,096 Obligatory reserve balance with CBE 7 (22,995,458) (15,980,212) Due from banks with maturities more than three months (10,266,783) (33,329,274) Treasury bills with maturity more than three months (28,111,544) (25,697,930) Total cash and cash equivalent 54,470,388 41,873,215

Consolidated condensed Interim statement of changes in shareholders' equity for the period ended June 30, 2019

Jun. 30, 2019 Issued and paid up capital Legal reserve General reserve General risk reserve Capital reserve Reserve for financial assets at fair value through OCI Banking risks reserve Retained earnings Reserve for employee stock ownership plan Cumulative foreign currencies translation differences Total Shareholders Equity Minority Interest Total EGP Thousands Beginning balance 11,668,326 1,710,293 12,776,215 1,549,445 12,421 (1,860,851) 4,323 9,637,083 738,320 - 36,235,575 - 36,235,575 Capital increase 2,917,082 - (2,917,082) - - - - - - - - - - Transferred to reserves - 477,736 6,375,589 - 1,045 - - (6,854,370) - - - - - Dividend paid - - - - - - - (2,700,544) - - (2,700,544) - (2,700,544) Net profit of the period - - - - - - - 5,354,500 - - 5,354,500 - 5,354,500 Net unrealised gain/(loss) on financial assets at fair value through OCI - - - - - 2,838,861 - - - - 2,838,861 - 2,838,861 Transferred (from) to  bank risk reserve - - - - - - 841 (841) - - - - - ECL for impairment of debt instruments investments - - - - - (109,668) - - - - (109,668) - (109,668) Cost of employees stock ownership plan (ESOP) - - - - - - - - 247,998 - 247,998 - 247,998 Cumulative foreign currencies translation differences - - - - - - - - - 4,182 4,182 - 4,182 Balance at the end of the period 14,585,408 2,188,029 16,234,722 1,549,445 13,466 868,342 5,164 5,435,828 986,318 4,182 41,870,904 - 41,870,904

Consolidated condensed Interim statement of changes in shareholders' equity  for the period ended June 20, 2020

Jun. 30, 2020 Issued and paid up capital Legal reserve General reserve General risk reserve Capital reserve Reserve for financial assets at fair value through OCI Banking risks reserve Retained earnings Reserve for employee stock ownership plan Cumulative foreign currencies translation differences Total Shareholders Equity Minority Interest Total EGP Thousands Beginning balance 14,690,821 2,188,029 16,474,429 1,549,445 13,466 4,111,781 5,164 11,881,657 963,152 2,501 51,880,445 - 51,880,445 Capital increase - - - - - - - - - - - - - Transferred to reserves - 590,106 7,840,286 - 1,440 - - (8,431,832) - - - - - Dividend paid - - - - - - - (3,370,464) - - (3,370,464) - (3,370,464) Minority Interest share - - - - - - - - - - - 453,248 453,248 Net profit of the period - - - - - - - 4,997,805 - - 4,997,805 - 4,997,805 Transferred from reserve for financial assets at fair value through OCI - - - - - (55,142) - 55,142 - - - - - Net unrealised gain/(loss) on financial assets at fair value through OCI - - - - - (1,483,581) - - - - (1,483,581) - (1,483,581) Transferred (from) to  bank risk reserve - - - - - - 1,259 (1,259) - - - - - Release provision for impairment of debt instruments investments - - - - - 90,512 - - - - 90,512 - 90,512 Cost of employees stock ownership plan (ESOP) - - - - - - - - 296,959 - 296,959 - 296,959 Cumulative foreign currencies translation differences - - - - - - - - - (854) (854) - (854) Balance at the end of the period 14,690,821 2,778,135 24,314,715 1,549,445 14,906 2,663,570 6,423 5,131,049 1,260,111 1,647 52,410,822 453,248 52,864,070

 

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